Question

J Company has the following information for the year related to its job order costing system....

J Company has the following information for the year related to its job order costing system.

Work-In Process - Beginning Inventory $ 18,000
Finished Goods - Beginning Inventory 12,000
Direct materials placed in production 80,000
Direct labor incurred 190,000
Actual manufacturing overhead incurred 300,000
Manufacturing overhead applied to production 295,000
Cost of jobs completed and transferred 500,000

The cost of J Company's ending inventory of Work in Process is:

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Answer #1
Total materials used            80,000
Direct labor        1,90,000
Manufacturing overhead        2,95,000
Total manufacturing costs        5,65,000
Add: beginning work in process            18,000
Less: transferred out        5,00,000
Ending work in process            83,000
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